tax incentive | es
FUNDAP: Port Activities Development Fund
FUNDAP is a financial incentive to support companies headquartered in Espírito Santo and which carry out foreign trade operations subject to ICMS tax in Espírito Santo. Industrial companies that use imported inputs may qualify for FUNDAP financing, creating a branch specialized in foreign trade. The basic condition for FUNDAP financing is the taxable event and the need for payment. The company can be a Ltda. or S / A.
Who can apply for the tax incentive in Espírito Santo?
Foreign trade companies can apply for registration, which will have an operational limit to operate in the system. For the definition of the limit, whose validity is 12 months with annual renewals requested 60 days in advance, the following alternatives are considered: Paid-in Capital , PL, Revenue Forecast and Assets Assets. The definition of the limit is carried out according to the current rules.
Necessary documents for the effective registration:
- Payment of the Analysis Fee;
- Letter of registration request with the forecast of sales of imported goods for the period of 12 months;
- Certificate of Settlement of Federal Taxes administered by the Federal Revenue Service;
- Negative Certificate regarding the Union's Active Debt;
- Negative Certificate of Active Debt to the State Public Finance;
- Negative Certificate of Municipal Taxes;
- Negative Debt Certificate with the INSS;
- CRS - FGTS;
- CNPJ;
- FASAD SERASA file;
- Social contract and changes in case of S / A (two copies of the minutes of the AGO / AGE must be presented);
- Business license, issued by the city hall.
HOW TO GET THE FUNDAP INCENTIVE IN ESPÍRITO SANTO?
Financing
The rate of 8.0% of the value of the goods leaving the importing establishment
Deadlines
Grace period of 5 years and amortization for 20 years, totaling 25 years.
Charges
Interest of 1% (one percent) per year, without monetary restatement.
Payments
Annual installments.
guarantees
Guarantee of the partners of the financed company and / or third parties and guarantee of the securities representing the compulsory investment. This investment must be made by the end of the year following the release of the financing , allocating 9% (nine percent) of the financing amount to be invested in BANDES credit lines.
Investment guarantee
When the financing is released, the 9% allocated to the investment must be invested in CDB issued by BANDES, which will be redeemed when applied to the project.
Operability
The interested company must register and register with BANDES at CECEL - Electronic Credit Cell, presenting the balance that will be analyzed by SERASA.
Auctions
The Treasury Department can periodically auction off credits related to these contracts. The minimum bid amount is set at 10% of the outstanding balance. For a better understanding of the operating system in FUNDAP , we present a simulation below.
simulation of fundap contracting
A company with FUNDAP registration with sales in June 2009 (sales of products imported outside the state), implying the payment of 12% of ICMS to the State Treasury. In July 2009, the company is expected to pay the ICMS . And in the month of July 2009 request financing based on 8% of the net sales (exits minus inflows). Approximately in August 2009, the company receives the financing amount deducted from 9%, which is retained by BANDES in the form of CDB to be invested in a project until the end of the following year. The debit balance of the financing may be paid in auctions at the discretion of the Treasury Department.
| Net sales | R $ 1.000.000,00 |
| Collection of ICMS | R $ 120,000.00 |
| FUNDAP funding | R $ 80,000.00 |
| Value for FUNDAP project | R $ 7,200.00 invested in CDB |
| Other Expenses | Fee for Registering the Contract at the Notary's Office = 1.24% of the contracted amount + R $ 102.00, limited to R $ 1,962.00. Expenses |
| FUNDAP auction | The minimum bid amount is 10% of the outstanding balance. |
